Health Care Doubler With Secure Income Annuity

Several weeks ago I wrote about a relatively new product in the Fixed Index Annuity market. One of the outstanding benefits nestled in this product is the Home Health Care Doubler. In essence, after owning the annuity for two years and once the Lifetime income option is taken, the Health Care Doubler is in effect. The “Doubler” allows the annuitant and spouse (if joint option on lifetime income is selected) to receive double the annual payment for up to five years if either is unable to perform two of the six activities of daily living (ACL’s). There is no underwriting required for this benefit. The “Doubler” is not a reimbursement for services. It is an additional payment that can be used in any way the annuitant chooses. Each year the annuitant/spouse requests the “Doubler”, a physician is required to verify that they are unable to meet at least two of the ADL’s. Once the five year timeframe has been exhausted, lifetime income reverts back to the amount being received prior to the implementation of the “Doubler”.

What this means for you the agent is that you now have a vehicle that adds protection for a client who does not qualify for long term care or any other underwritten service.